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Philip Hammond told Welt am Sonntag: ‘We will change our model and we will come back, and be competitively engaged.’ Claptrap. [Image: Jane Barlow/PA].

Ye Gods. And this idiot is the Chancellor of the Exchequer.

Philip Hammond has threatened to launch a trade war against the European Union if he doesn’t get what he wants out of Brexit.

This is Tory arrogance and stupidity at its worst.

We have already seen what happens whenever Theresa May mentions the possibility of leaving the single market – the Pound plummets because investors lose confidence in it.

Some commentators are calling it “market correction”, which is as good a way of saying the UK economy has been over-valued as any I’ve seen.

And the EU constitutes half of the UK’s export market.

Jeremy Corbyn said he expected the majority of MPs in the House of Commons to be concerned about Mr Hammond’s idea, and no wonder: The UK would be crucified.

People didn’t vote for Brexit to be worse-off, but that is exactly what would happen if Mr Hammond has his way.

Demand for our goods would drop off, pushing people out of work. The “tax haven” status Mr Hammond wants to create means the state would not benefit – certainly not enough – from any trade that he was able to encourage.

It would be the end of the UK as a major international power and the beginning of a new dark age for its citizens. Mark my words.

The chancellor, Philip Hammond, has suggested Britain could transform its economic model into that of a corporate tax haven if the EU fails to provide it with an agreement on market access after Brexit.

In an interview with the German newspaper Welt am Sonntag, Hammond said that if Britain were closed off from European markets after leaving the EU, it would consider abandoning a European-style social model with European-style taxation and regulation systems, and “become something different”.

Source: Hammond threatens EU with aggressive tax changes after Brexit

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